Muscat: The Sultanate of Oman witnessed a surplus in its trade balance, recording a figure of OMR4,304 million at the conclusion of July 2024, as opposed to OMR4,324 million observed during the corresponding period in 2023, as per data disseminated by the National Centre for Statistics and Information (NCSI).
The data further indicates that the aggregate value of merchandise exports by the end of July 2024 stood at OMR13,720 million, marking a 7.6% increase compared to the same period in 2023, when the figure was OMR12,752 million.
Conversely, the value of merchandise imports to Oman reached OMR9,416 million by the end of July 2024, showing an increase of 11.7% compared to the corresponding period in 2023, when the figure was OMR8,428 million.
The notable increase in the value of exports by the end of June 2024 can primarily be attributed to the surge in the value of Oman's oil and gas exports, which rose to OMR8,569 million, an increase of 8% compared to the end of July 2023, when it was OMR7,931 million.
Amongst the oil and gas exports by the end of July 2024, the value of Oman's crude oil exports stood at OMR5,962 million, recording a 7.6% increase over the same period in 2023, and the value of refined oil exports saw a significant rise to OMR1,163 million, an increase of 30.2%, while the value of Oman's liquefied natural gas exports decreased to OMR1,444 million, a decline of 3.6% compared to the end of July 2023.
The statistics also reveal an increase in the value of non-oil merchandise exports by 5.1% by the end of July 2024, reaching OMR4,152 million, as opposed to the end of July 2023, when it was OMR3,950 million.
Amongst non-oil merchandise exports, mineral products held the highest value, amounting to OMR1,514 million, marking an increase of 17.4% over the same period in 2023, followed by base metals and related products with a value of OMR767 million, showing an increase of 2.8%, and products of chemicals, with an export value of OMR608 million, marking an increase of 2.9%.
The value of Oman's exports of plastics and rubber saw a notable increase to OMR549 million, constituting a rise of 6.3%. Conversely, exports of live animals and animal products experienced a decline of 17.4%, reaching OMR195 million, while the value of exports of other products amounted to OMR520 million.
The value of re-exports from the Sultanate of Oman witnessed a notable increase, rising by 14.7% to reach OMR999 million by the conclusion of July 2024, as opposed to the same period in 2023.
Within the realm of transport equipment products, the value of re-exports surged to OMR278 million, marking a 12% growth. Conversely, the value of re-exports in electrical machinery and equipment saw a slight decline, decreasing by 4.6% to OMR222 million.
In the sector of foodstuff, beverages, and tobacco, re-export values escalated by 20.7% to OMR98 million, while the re-export of mineral products experienced a significant increase of 77.2%, reaching OMR93 million.
Regarding the re-export of live animals and animal products, there was a notable decrease of 15.7% to OMR64 million, while the re-export of other products saw a rise to OMR246 million.
In contrast, mineral products emerged as the category with the highest value of merchandise imports to the Sultanate of Oman, culminating at OMR2,745 million by the end of July 2024, representing an increase of 23.6%. This was followed by electrical machinery and equipment with a value of OMR1,578 million, which recorded a growth of 22.1%, and base metal and their products with a value of OMR892 million, which experienced a decline of 3.5%.
The importation of chemical products saw a modest increase of 0.1% to OMR880 million, while the importation of transport equipment witnessed a 4.2% rise to OMR800 million.
By the end of July 2024, the United Arab Emirates stood at the pinnacle of trade exchange operations in non-oil exports, with a value of OMR558 million, marking a 14.9% increase compared to the corresponding period in 2023.
